TRID Kickback Reasons; December's Wave of CFPB News Including TRID Fear Reassurance

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Posted To: Pipeline Press

Death is rarely funny, and the aftermath can be even worse. But here's an interesting twist on things. Even in our digital world where e-mortgages should be in the not-too-distant future, paper is still king when it comes to life and death - that is, birth certificates and death certificates. "Some states, including South Carolina and California, use a certain security enabled paper to print those records. And that paper is suddenly in short supply. The Ohio company that produced it for years unexpectedly shut down last summer." Tell some family they will have to wait for a death certificate ... Regarding the Seattle Times and BuzzFeed articles by Mike Baker and Daniel Wagner about Warren Buffett and Clayton Homes , I received this note from Audrey Saunders in Clayton's Corporate PR & Communications...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/12302015-trid-kickbacks.aspx

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Pending Home Sales Continue to Slow; Prices, Inventory Faulted

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Posted To: MND NewsWire

Pending home sales dipped slightly in November, the third time in four months they have done so. The National Association of Realtors® (NAR's) Pending Home Sales Index (PHSI) was down 0.9 percent from October to 106.9. The November 2015 PHSI, which is based on contracts signed during the month to purchase homes, was 2.7 percent above the November 2014 level of 104.1. Although the index has increased on an annual basis for 15 consecutive months, November's 12 month gain was the smallest since October 2014 when the increase was 2.6 percent. Modest gains in the Midwest and South were offset by larger declines in the Northeast and West. NAR revised its October PHSI upward from its original estimate of 107.7 to 107.9. October was already the only month in the last four in which the index had...(read more)

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Source: http://www.mortgagenewsdaily.com/12302015_pending_home_sales.asp

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Improving Mortgage Performance equals Best MiMi in 15 Months

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Posted To: MND NewsWire

The Multi-Indicator Market Index (MiMi) produced by Freddie Mac's Office of the Chief Economist shows that the U.S. housing market is within the outer range of being considered stable. The national value of the index improved by 0.59 percent from September to October and has gained 1.54 percent over the last three months. The MiMi in October stood at 81.9. On a year-over-year basis, the national MiMi value has improved +6.31 percent. Since its all-time low in October 2010, it has rebounded by 38 percent, but remains significantly off its high of 121.7. Two additional states-New York and Kansas-entered their outer range of stable housing activity, as did three more metro areas: New York, New York; Minneapolis, Minnesota and Palm Bay, Florida. Freddie Mac Deputy Chief Economist Len Kiefer said...(read more)

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Source: http://www.mortgagenewsdaily.com/12302015_freddie_mac_mimi.asp

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Bank M&A; Pending Home Sales Primer; Lender Form Changes - Who Can Keep Track?

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Posted To: Pipeline Press

Given my Resolutions from a year ago, and looking back at 2015, I've got today to get skinny, save money, learn French, and undrink 987 bottles of wine. On a more serious note, plenty of people in the mortgage business are doing things towards lessening poverty and helping children. The U.S. Census Bureau has released findings from its Small Area Income and Poverty Estimates program which determines the number of people in poverty, the number of children younger than 5 in poverty, the number of children between 5 and 17 in families in poverty, and median household income. According to 2014 data, the median household income at the county level was between $21,658 and $125,635, with a median county level value of $45,229. Among the 3,140 counties that were assessed, 26 percent (820 counties)...(read more)

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Source: http://www.mortgagenewsdaily.com/channels/pipelinepress/12312015-bank-mergers.aspx

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Mortgage Rates Nearly Unchanged in 2015

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Posted To: Mortgage Rate Watch

Mortgage rates had an interesting year to say the least. After almost universal consensus on a move toward higher rates the first few months of the year instead saw a precipitous drop to long-term lows. Chalk that up to the inception of Europe's bond buying program (and most of 2014's improvements for that matter). Later in the year, rates saw bigger moves higher and lower as expectations ebbed and flowed regarding the Fed rate hike. Rates like those pertaining to mortgages and longer-term US Treasuries can move more nimbly based on those expectations. The higher the likelihood of a Fed hike, the higher mortgage rates moved in anticipation. That phenomenon ultimately allowed mortgage rates to hold their ground at relatively unchanged levels after the Fed finally pulled the trigger. On average...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/549123.aspx

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MBS RECAP: How'd We Get Here and Where Are We Going?

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Posted To: MBS Commentary

Pre-announced bond buying programs are really quite something. They have all ended up being well-telegraphed enough to allow investors to do their own bond buying well before the program starts, driving rates lower preemptively. This was the case throughout 2014 and even more so at the beginning of 2015 (when it became abundantly clear that Europe was set for QE. Once Europe finally started buying bonds, there was no more front-running left to be done, and rates paradoxically moved swiftly higher. To paraphrase all that: The European Central Bank (ECB) said it was going to buy bonds. Other investors bought bonds based on that expectation, pushing European rates to all-time lows in the process (which helped US interest rates get back near all-time lows). Once the ECB began buying, rates finally...(read more)

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Source: http://www.mortgagenewsdaily.com/mortgage_rates/blog/549129.aspx

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October sees Seasonal Uptick in Distressed Home Sales Share

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Posted To: MND NewsWire

Sales of distressed properties made up 10.2 percent of total home sales in October CoreLogic said on Tuesday. The October number represented a slight seasonal increase of 0.2 percent from September but was two full percentage points lower than in October 2014. Sales of lender owned real estate ( REO ) constituted 6.9 percent of sales compared to an 8.5 percent share a year earlier and was the lowest for any October since 2007. Short sales made up 3.3 percent of sales for the month. Short sales have maintained a share within the 3 to 4 percent range since mid-2014. Normal 0 false false false EN-US X-NONE X-NONE Distressed sales hit a peak share of 32.4 percent in January 2009 with REO alone having a 27.9 percent share. The declining market share of REOs and short sales has contributed to the...(read more)

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Source: http://www.mortgagenewsdaily.com/12292015_corelogic_distressed_sales.asp

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